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Report: Lawmakers Shifted Investments After Talks With Fed, Treasury Officials Report: Lawmakers Shifted Investments After Talks With Fed, Treasury O...

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Congress

Report: Lawmakers Shifted Investments After Talks With Fed, Treasury Officials

During the sinking economy in 2008, 34 members of Congress made adjustments to their investment portfolios within two days of meeting with Treasury and Federal Reserve officials, The Washington Post reported.

House Speaker John Boehner, then the House minority leader, met with then-Treasury Secretary Henry Paulson several times in January 2008, in the midst of discussions over a $150 billion stimulus bill. After a breakfast with Paulson on Jan. 23, Boehner later that day moved between $50,000 and $100,000 from a more aggressive mutual fund to a safer investment, according to The Post.

 

The adjustments are not illegal and would not be a violation under the recently passed STOCK Act that bans certain types of insider trading. A spokesman for Boehner who spoke to The Post said that trades are handled by an investment advisor and “the issue, or perception, of insider trading is a moot point.”

Others in Congress who came under scrutiny include Senate Minority Leader Mitch McConnell, R-Ky., Rep. Barney Frank, D-Mass., Sen. Ben Nelson, D-Neb., and Sen. Kent Conrad, D-N.D.

All lawmakers interviewed by The Post denied that discussions with Treasury and Fed officials had anything to do with moves they made in their financial portfolios.

 
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